WHERE WE'RE LOOKING FOR SOLUTIONS
Building brand trust amongst consumers has been a key goal for many brands, and they are reaping the rewards of their efforts.
More than eight in 10 Americans say they are more likely to trust a new product made by a brand that they already know.
83% of consumers in the United States are more likely to trust a new product if it’s made by a brand they already know
Power of Trust
However, achieving this goal appears to have had some unintended effects as well. The role of the brand has been elevated from solely a provider of products and services to problem solvers for societal issues. Consumers are now choosing their brands not only because of the value they offer them, but by the views that they share. Compared to 2013, the decision to buy from brands that reflect one’s personal values has increased by 16 percentage points for consumers globally.
Consumers aren’t wholly trusting, though – although they are optimistic over the benefits that technology can provide them, worry over who has access to their data and threats to their privacy are compelling many to strike a balance between the two and maintain control by taking actions such as limiting their smartphone usage. As a result, brands will have to find new ways to adapt how they engage consumers to continue meeting them where they are.
Trend: Power of Trust
In a world of misinformation and disinformation, brands are becoming extensions of our own worldview and values. But greater uncertainty now comes from changes in why we choose to trust some organizations and not others. However, achieving this goal appears to have had some unintended effects as well. The role of the brand has been elevated from solely a provider of products and services to problem solvers for societal issues.
Escape to Individualism
The lack of control that consumers are feeling in a seemingly unstable world is also causing people to focus on the one thing they do feel is within their control – themselves. Four in five Americans (79%) agree that it is up to each individual to work out their own set of principles to guide their decisions, but we are seeing a significant contrast in the nature of those principles.
For 44% of Americans, self-development and self-fulfillment is associated with career success; for others, it’s about slowing down. What they mostly all can agree on, is that autonomy is at the forefront of their journey to individualism. This suggests that personalization and customization are going to grow even stronger in importance as consumers take pride in marching to the beat of their own drums.
Trend: Escape to Individualism
In the face of a world that feels threateningly overwhelming, people are focusing on the one thing they can control - themselves. While this focus on individualism has been high over the past decade, this year personal autonomy is the most powerful value we have measured. But it's multifaceted in how it manifests. We also see the draw of simplicity, social status and new experiences as ways of developing ourselves.